The selling points of blockchain technology such as decentralized processes, streamlined operations, security, and improved efficiency interest industries to adopt blockchain as their core strategy. However, the use cases and practices for this technology are still in progress as it needs complete alteration of the existing models. Get to know how blockchain engineers play a strategic role in meeting the technological needs of the evolving industries here.
The disruption in business models and transformation in economies caused by the blockchain technology is encouraging. It has the potential to transform multiple industries and alter the fields of its application.
What is so distinct about blockchain that it has industry-disrupting capabilities?
With blockchain, custom protocols can get designed and developed for specific demands like a business model, cryptocurrency trading, operations, voting systems, etc. You can establish a transparent and trusted process; improve traceability, speed, and efficiency; achieve scalability, and transform business functionalities while optimizing investment costs.
Some of the prominent industries enjoying the blockchain benefits include logistics, banking, healthcare, marketing, and the lists adds-on. Here is a quick rundown on blockchain’s influence in three industries.
Though many industries are benefitting from the blockchain application, we have highlighted 3 industries here.
While AI and Analytics have arguably benefited digital marketers, blockchain is yet to hit the marketers of every industry. Marketing professionals can use data for improving their marketing operations. It includes reduction in investment costs, building social campaigns, personal data protection, smart contracts usage, customer interaction, use of channels for interaction, customer data collection, transparency of supply chains, data storage and usage.
Likewise, consumers can power their data. For instance, the users of the Brave browser opt-into viewing ads, receive Basic Attention Tokens (BATs) for the ads they interact, i.e., trading the value of online attention.
Blockchain allows regional and cross-border payment settlement securely by eliminating multiple intermediaries and complex processes. The visibility in transactions reduces the disputes and reconciliation necessities.
With shared ledgers, the multiple parties involving in data exchange and permissions can accelerate claims settlements, automate processes through smart contracts, protect sensitive and personal financial information, reduce fraud, and abuse.
Blockchain optimizes the entire transaction. It smoothens trading relationships among the producers, brokers, freight forwarders, and consumers; streamlines processes like invoices, orders, payments, returns, theft, lost and found; reduces grey marketing and investment cost by sharing information with the stakeholders; detects a violation of codes and any fraudulent activity, and improves credibility.
To summarize, the implementation of blockchain technology strengthens corporate reputation, achieves cost optimization, earns public interest, and structures a trusted business process. The point for consideration here is how business leaders can utilize the technology for their benefits. Here comes the strategic role of blockchain engineers along with their leaders. Let us emphasize the role of blockchain engineers.
With blockchain becoming the go-to technology for most of the industries, the industries need blockchain engineers. Blockchain engineers analyze the technological needs of the organization and create applications.
They are the ones who catch the blockchain waves early. Being passionate about innovation and invention, they are aware of the business side of blockchain and can develop projects for clients too. They collaborate with IT professionals, blockchain leaders, and business leaders to streamline the implementation of applications. Being versatile, they stake a claim for technology innovation assignments.
The main responsibilities of blockchain engineers include:
So, what next?
Despite the technology’s limitations, the demand for blockchain engineers is increasing and many are jumping into the blockchain bandwagon already.
Do you like to get your career aligned with futuristic technology? Get acquainted with blockchain knowledge, its uses, and implications while integrating it into your organization.
If you are one among the professionals who want to have a head start or stay relevant with the trending technology, it’s time to upskill. Learn a lot and give a lot to the industry by becoming a certified blockchain engineer.